If you’re considering woodworking as a business, learn all the different types to choose from and which one would provide the best path to financial success. Here’s what it takes.
Types of Woodworking Businesses
- According to Profitable Venture, woodworking accounts for 4% of the total U.S. manufacturing GDP. If you’re looking to work with your hands and provide a service, there are many options for woodworking businesses. Here’s a look at some that Builderology lists:
- Custom Furniture Business: Requires skill but can be profitable if you create quality furniture and sell it at a higher price point.
- Garden Planters and Outdoor Décor: These items are relatively simple to build. Items could include planters, benches, bird feeders, arbors, or picnic tables.
- Customized Shelving: Every house has that awkward corner that the homeowner needs help filling in. You can build shelves built to fit every need and space for homeowners.
- Custom Signs: From funny to inspirational, people hang signs all over their houses. Think Hobby Lobby.
- Design Woodworking Plans: With this type, you would need experience with drawing plans or using CAD or 3D software. It allows you to sell one product multiple times, increasing profits.
- Host Classes, Workshops, or Retreats: Several franchises are hopping on this DIY trend, allowing people to create their own projects but have an instructor every step of the project.
- Business to Business or Commercial Services: You can create unique, one-of-a-kind gifts for real estate agents to give their clients or provide offices with customized gifts for their holiday parties. Lastly, you could work with a restaurant to create wood bowls or wood artwork.
- Custom Engraving and Carving: This business requires special equipment that can be pricey.
- Cabinetry: Every home and even office have cabinets. The cabinets age and wear, so refinishing or replacing becomes inevitable.
Starting Your Own Woodworking Business
Like most business startups, several steps come with creating a woodworking business. Truic lists the steps out for us:
- Plan your Woodworking Business
- Form your Woodworking Business into a Legal Entity
- Register your Woodworking Business for Taxes
- Open a Business Bank Account and Credit Card
- Set up Accounting for your Woodworking Business
- Get the Necessary Permits & Licenses for your Woodworking Business
- Get Woodworking Business Insurance
- Define your Woodworking Business Brand
It’s a lot to do, and a lot to pay for. Not to mention advertising to get your name out there.
Why Franchising is an Appealing Option
If you choose a franchise like N-Hance, you start right out of the gate with a competitive edge. When buying into a franchise, you purchase a proven business model. You get to talk to other franchisees who’ve gone through the same process you have. You’ll be able to tap into the resources and buying power of a national brand.
Here are five more reasons a cabinet franchise like N-Hance can rise above the rest:
- Work from home. (Our franchisees typically need a shop to perform the work…it is not required, but certainly heavily suggested).
Most cabinet businesses don’t need an office or storefront. You can start up right in the comfort of your own home, saving rent costs. Of course, you will have to purchase a vehicle to transport your equipment in from job to job. But a bonus is you can use this vehicle as a moving advertisement. Wrap it in an ad, and you can reach new eyes every mile.
- Minimal skill needed.
With your initial investment costs of a franchise comes training. This means little prior knowledge is needed to start your franchise. Instead, they will provide you with the tools and skills to get you on your way to serving the community.
- Minimal employees needed.
Because you don’t have an office, you don’t have to staff one. Usually, you and a couple of technicians perform the jobs. This system will allow you to grow and scale your business efficiently. As you increase your sales, you can increase the number of employees, allowing you to step away from performing services.
- Large client base.
Take a look around your home and others; they all have cabinets! Those cabinets can go through heavy use, especially in the kitchen. As a result, they’ll eventually need to be refinished or replaced. With a cabinet refinishing franchise, you’ll benefit from tactics to help you quickly grow your customers.
- Low-cost investment.
This type of franchise has lower franchise fees and initial investments compared to other industries like foodservice. This factor makes them low-cost investments.
Get Started with N-Hance
The benefits only grow when you start your business with N-Hance. We are not only a cabinet company but also a wood refinishing franchise. With all these service options, you will not pigeonhole yourself into just cabinets. Our services include refinishing and restoring cabinets and flooring, as well as replacing or painting cabinets. We are America’s #1 cabinet refinisher.
We provide our services with proprietary technology that allows us to perform them in a fraction of the time at a fraction of the cost. For example, Lightspeed® technology uses UV light to instantly cure a final, durable topcoat to your cabinets or floors. In addition, the technology is eco-friendly, limiting any exposure to VOCs. We also keep your home cleaner by not leaving sand or dust all around, because we don’t have to sand!
Not sure you have the experience to perform the work? Don’t worry, most franchisees join from other industries and careers; we provide top-notch training with our Quick-Start Program. We also offer ongoing support, training, and marketing.
Request information today to learn more about the support we provide for our franchisees.